Crude Closes Week Above $106
Crude oil rose more than $2 Friday to close above $106 a barrel for the first time in more than a week, Bloomberg reported.
Benchmark light sweet crude oil futures rose $2.40 to close the week at $106.23 a barrel on the New York Mercantile Exchange, Bloomberg said.
Crude closed at a record $110.33 a barrel on March 13, and current prices are 64% higher than last year, Bloomberg said.
Meanwhile, an Energy Department report said that the outlook for U.S. gasoline supplies was stronger than a year ago, Bloomberg reported.
The report said supplies this year should be more plentiful because of fewer planned refinery outages this spring and due to increased gasoline imports, Bloomberg said, citing DOE.
Gasoline rose 3.1 cents to a record $3.29 a gallon, according to DOE’s weekly price survey released Monday, while diesel fuel dipped 2.5 cents off a record to a national average price of $3.964.
DOE is scheduled to release its next price survey on Monday.
